Article2023

Future time perspective and consumer well-being of millennials: implications for consumer resilience

32 citations0/0 files storedInternational Journal of Bank Marketing

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Psychological and Temporal Perspectives Research Financial Literacy, Pension, Retirement Analysis Financial Literacy and Behavior

Abstract

Purpose The study investigated the relationship between future time perspective and financial well-being among Chinese working millennials and its serial mediators, such as financial goal clarity, subjective financial knowledge and responsible financial behaviour, to foster consumer resilience in the financial realm. Design/methodology/approach A total of 526 Chinese working millennials (Mage = 31.78) participated in the online survey in response to questions on demographic characteristics and items to measure the variables adopted in the research model. Covariance-based structural equation modelling (CB-SEM) and AMOS version 27 were used to test the research hypotheses. Findings The results revealed a positive correlation between future time perspective and financial well-being. Moreover, the results showed that financial goal clarity, subjective financial knowledge and responsible financial behaviour serially mediated the correlation between future time perspective and financial well-being. Practical implications The findings provide implications for companies and policymakers to refine their intervention programmes to boost young millennials' future time perspectives in reinforcing their financial knowledge and financial goal clarity which in turn fosters their responsible financial behaviour in contributing to financial well-being in boosting their overall consumer resilience. Future studies should deepen the way in which the studied factors are leveraged as a tool to improve individuals' resilience in the economic realm. Originality/value The findings of this study shed light on the underlying mechanisms that drive and promote the financial well-being of Chinese working millennials.

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References

1981Evaluating Structural Equation Models with Unobservable Variables and Measurement Error 2014A new criterion for assessing discriminant validity in variance-based structural equation modeling 2009\nThe use of partial least squares path modeling in international marketing 2020Financial literacy: A systematic review and bibliometric analysis 1994A Confirmatory Factor Analysis of the End-User Computing Satisfaction Instrument 2017Financial well-being: A conceptualization and research agenda 2017How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents, and Its Relation to Overall Well-Being 2009Pathways to life success: A conceptual model of financial well-being for young adults

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